[Exhibit 99.1]
[logo]
1025 Eldorado Boulevard
Broomfield, Colorado 80021
www.Level3.com
NEWS RELEASE
Level 3 contacts:
Media: Josh Howell Investors: Robin Grey
720-888-2517 720-888-2518
Chris Hardman Valerie Finberg
720-888-2292 720-888-2501
Level 3 Subsidiary Launches Consent Solicitation
for 12.25% Senior Notes due 2013
BROOMFIELD, Colo., February 16, 2007 -- Level 3 Communications, Inc. (Nasdaq:
LVLT) today announced that its wholly owned subsidiary, Level 3 Financing, Inc.,
has commenced a consent solicitation with respect to certain amendments to the
indenture governing Level 3 Financing's outstanding 12.25% Senior Notes due 2013
(the "Consent Solicitation"). The Consent Solicitation will expire at 5:00 p.m.,
New York City time, on February 23, 2007, unless extended (such date, as it may
be extended, the "Consent Date").
On the terms and subject to the conditions of the Consent Solicitation, if Level
3 Financing receives the requisite consents and the supplemental indenture that
contains the amendments is executed, Level 3 Financing will pay, following the
Consent Date and the satisfaction of the other conditions contained in the
Consent Solicitation, to each Holder who has validly delivered (and has not
revoked) a valid consent on or prior to the Consent Date, $5.00 for each $1,000
in principal amount of 12.25% Senior Notes due 2013.
Level 3 Financing is seeking consents to amend the indenture relating to the
12.25% Senior Notes due 2013 to provide that, on a one-time basis at any time
between the date the indenture is amended and September 30, 2007, Level 3 may
incur debt that is permitted based upon a multiple of cash flow available for
fixed charges on a "pro forma" basis giving effect to any acquisition, merger or
consolidation that was completed prior to February 1, 2007. The amendment would
provide for the calculation of the ability to incur this type of debt in a
manner that is consistent with such calculation under
the indentures of Level 3 Financing governing its 9.25% Senior Notes due 2013,
Floating Rate Senior Notes due 2015 and 8.75% Senior Notes due 2017 other than
with respect to the one-time nature of the adjustment and the limitation with
respect to transactions that had been completed prior to February 1, 2007.
The complete terms and conditions of the Consent Solicitation are set forth in
the Consent Solicitation Statement that is being sent to holders of the 12.25%
Senior Notes due 2013. Holders are urged to read the Consent Solicitation
documents carefully. Copies the Consent Solicitation Statement and related
Consent Letter may be obtained from Global Bondholder Services Corporation, at
212-430-3774 and (866) 389-1500 (toll-free).
Merrill Lynch & Co. is the Solicitation Agent for the Consent Solicitation.
Questions regarding the Consent Solicitation may be directed to Merrill Lynch &
Co. at (888) 654-8637 (toll-free) and 212-449-4914.
About Level 3 Communications
Level 3 Communications, Inc. (Nasdaq: LVLT), an international communications
company, operates one of the largest Internet backbones in the world. Through
its customers, Level 3 is the primary provider of Internet connectivity for
millions of broadband subscribers. The company provides a comprehensive suite of
services over its broadband fiber optic network including Internet Protocol (IP)
services, broadband transport and infrastructure services, colocation services,
voice services and voice over IP services. These services provide building
blocks that enable Level 3's customers to meet their growing demands for
advanced communications solutions. The company's Web address is www.Level3.com.
"Level 3 Communications," "Level 3" and the Level 3 Communications logo are
registered service marks of Level 3 Communications, Inc. in the United States
and/or other countries. Any other product and company names herein may be
trademarks of their respective owners. Level 3 services are provided by wholly
owned subsidiaries of Level 3 Communications, Inc.
Forward-Looking Statement
Some of the statements made by Level 3 in this press release are forward-looking
in nature. Actual results may differ materially from those projected in
forward-looking statements. Level 3 believes that its primary risk factors
include, but are not limited to: increasing the volume of traffic on Level 3's
network; developing new products and services that meet customer demands and
generate acceptable margins; successfully completing commercial testing of new
technology and information systems to support new products and services,
including voice transmission services; stabilizing or reducing the rate of price
compression on certain of our communications services; integrating strategic
acquisitions; attracting and retaining qualified management and other personnel;
and the ability to meet all of the terms and conditions of our debt obligations.
Additional information concerning these and other important factors can be found
within Level 3's filings with the Securities and Exchange Commission. Statements
in this release should be evaluated in light of these important factors.
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